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Annual Company Tax Returns

Our team of tax accountants can assist you with the preparation and lodgement of your annual Company Tax Returns

Who Can Lodge Company Tax Returns?

You can either lodge your company tax return directly with the ATO or with a registered tax accountant. Registered tax agents and BAS agents are authorised by the Tax Practitioners Board to prepare and lodge tax returns on behalf of their clients. 

Using a tax professional can help ensure your company tax return is accurately prepared and lodged on time. Tax agents have a thorough understanding of tax planning and can advise on how to maximise your return.

When are Company Tax Returns Due?

If you are submitting your company tax return directly to the ATO without any prior year returns overdue, then the due date for all 30 June balancing companies is 28 February or 15 May the following year. However, it is important to note that failure to lodge on time can result in penalties from the ATO.

If you have prior year returns overdue, then the due date will be 31 October of the same year. The ATO requires company tax returns to be lodged in a timely manner and will impose late lodgement penalties if deadlines are not met.

Lodgements with registered tax agents with good on-time lodgement track records are offered later company tax return lodgement dates than the initial deadline. Using a professional tax agent can provide more time to prepare your company tax return accurately.

Why Have Us Lodge Your Company Tax Return?

Box Advisory Services are registered tax accountants (Registration: 25452828) with over 13 years of company tax return experience.

Our expert team stays up to date on the latest tax laws and ATO requirements, ensuring your company tax return is prepared correctly and on time.

We offer our clients a special lodgement program arranged with the ATO that affords a later company tax return due date. This provides extra time to gather information and review your company tax return while avoiding late lodgement penalties.

With decades of combined experience, our tax accountants can uncover tax deductions and strategies to minimise your tax liability within the law. We provide personalised tax planning and advice tailored to your unique business situation.

Frequently Asked Questions

When Is Company Tax Due?

If you are submitting your company tax return directly to the ATO without any prior year returns overdue, then the due date for all 30 June balancing companies is 28 February or 15 May the following year. However, it is important to note that failure to lodge on time can result in penalties from the ATO.

If you have overdue prior year returns, the due date will be 31 October of the same year. The ATO requires company tax returns to be lodged promptly and will impose late lodgement penalties if deadlines are not met.

Lodgements with registered tax agents with good on-time lodgement track records are offered later company tax return lodgement dates than the initial deadline. Using a professional tax agent can provide more time to prepare your company tax return accurately.

How to Do a Company Tax Return

Completing a company tax return involves gathering all relevant financial documents, calculating total taxable income and expenses, determining tax deductions and credits, and filling out the right ATO forms. Key steps include:

  • Collect financial year records like profit and loss statements, bank statements, invoices, PAYG summaries, depreciation schedules, etc.
  • Calculate total income, including sales revenue, interest, dividends, capital gains, etc.
  • Identify all tax information like deductible expenses related to earning assessable income.
  • Determine eligibility for rebates, offsets, franking credits, etc., that can reduce tax payable.
  • Use accounting software or ATO templates to fill out the company tax return form.
  • Review with a tax agent or accountant to maximise lawful deductions and minimise tax obligations.
  • Lodge the completed company tax return with the ATO by the due date.

Keeping organised records and using the expertise of tax professionals can help ensure your company tax return is accurately completed and on time.

How to Lodge a Company Tax Return

To lodge your company tax return with the ATO:

  1. Gather all required documents and financial information to complete your tax return.
  2. Prepare the company tax return form either manually or using accounting software. Ensure all income, expenses, deductions, etc. are included accurately.
  3. Review the completed tax return with a tax agent or accountant if required.
  4. Log into the Business Portal on the ATO website and select Lodge Return under Taxation Tasks.
  5. Follow the step-by-step instructions to lodge your company tax return electronically.
  6. Pay any outstanding tax liability by the due date to avoid late payment penalties.
  7. Keep a copy of your lodged return along with supporting documents for your records.

Using a registered tax agent provides extra time to lodge and offers advice to maximise deductions and get your best possible tax outcome.

How Much Tax Does a Company Pay?

The amount of tax a company pays depends on the business structure and taxable income. The current Australian company tax rate is 25% for businesses with less than $50 million in aggregated turnover. For larger companies with over $50 million turnover, the tax rate is 30%. 

Additional taxes may include GST, FBT, PAYG withholding, etc. The effective tax rate can be reduced through tax deductions, offsets, rebates and other strategies.

What Is Australian Business Tax?

Australian business tax refers to the taxes a company or enterprise must pay when operating in Australia. The main business taxes include:

  • Company Tax – Tax on business and investment income based on taxable income. The rate is either 25% or 30% depending on turnover
  • GST – 10% Goods and Services Tax applied to most sales and purchases
  • PAYG Withholding – Tax withheld from employee wages and remitted to the ATO
  • FBT – Tax on fringe benefits provided to employees
  • Payroll Tax – State tax on total employee wages above a threshold
  • Land Tax – State tax on the ownership of land
  • Stamp Duty – State tax applied to property transfers and some insurance policies
  • Excise Duty – Federal tax on alcohol, tobacco and petroleum
  • Customs Duty – Federal tax on imported goods

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Awards & Accreditations

Box Advisory Services' small business accountants are proudly recognised by the following accreditations and awards

“Box AS has been outstanding to work with and has been instrumental in our business growth in the last 3 years. We have worked with other accountants and advisers in the past that will complete our accounting work but no more and do not understand our business and industry. Box AS, on the other hand, understand our goals and map out strategies for growth. They go above and beyond and come up with key issues we would never have known about.”

Hong – General Manager at Fitness Republic Group

“We first engaged Box AS for advice on the business acquisition and liaising with financiers, solicitors and the vendor. The team at Box AS is highly professional, knowledgeable, committed and hard-working. We were really happy with the initial service that we decided to continue our engagement with a month to month accounting service.”

Linda – Director at Tattoo Removal Institute Australia

“Davie and his team has helped our startup get off the ground, it has brought peace of mind knowing that the accounting side of our business can be taken care of while we can focus on our business. Being able to have him and the team contactable to ask questions about accounting best practices or other accounting related questions has allowed us to focus on providing value to our own customers.”

Rob – Director at TwoSpace

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